Northern Ireland is region with largest annual property price growth

By Michelle Rock

Property prices in Northern Ireland increased by 9 per cent over the last year - the highest rate of growth of all the regions in the UK.

New figures from the Office for National Statistics (ONS) show that the average property price in Northern Ireland is now £147,000, meaning it is still the cheapest region in the UK to buy a house. The 9 per cent growth in property prices over the last 12 months has to be put into the context of the huge fall in values when the property market crashed in 2007 - even with the growth in the last year, house values are currently 45.1 per cent lower than their peak levels of the property boom.

The figures do however give reason for optimism among first time buyers and home movers in Northern Ireland that the property market is strengthening, and certainly it is reported that demand for houses has increased. Unfortunately, estate agents across most of Northern Ireland are reporting a significant lack of houses on the market to meet the current demand. Rising property prices might slowly help improve the supply problem, as many home owners are in negative equity and need their property value to increase to a point where they can afford to sell their house.

If you are buying, selling or remortgaging a house in Northern Ireland, and need a property conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.

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